Doge whale sells massive chunk of Dogecoin majorly impacting the price of Dogecoin

A Dogecoin Whale Sold $109M Worth of DOGE Immediately After Elon Musk Tweaked Twitter’s Logo

By
Tom Mitchelhill
2 min read
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This article is for general information purposes only and isn’t intended to be financial product advice. You should always obtain your own independent advice before making any financial decisions. The Chainsaw and its contributors aren’t liable for any decisions based on this content.

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In the wake of Elon Musk’s unexpected change of the iconic blue bird Twitter logo to the infamous ‘doge’ meme, an unknown Dogecoin (DOGE) whale decided to sell a whopping US$109 million (AU$161 million) worth of their DOGE holdings, briefly wreaking havoc on the price of the memecoin.

Just 2 hours after Musk’s change up, the wallet address that currently stands as the fifth largest holder of Dogecoin (DOGE) in the world made two massive transactions.

According to data first revealed by blockchain data analytics platform ‘Lookonchain‘, the DOGE whale’s wallet address made an initial move to sell 650 million DOGE worth US$61.3 million (AU$90.7 million) at the time.

Then, roughly an hour and half later, the same wallet address transferred out an additional 500 million units of DOGE, worth US$48.2 million (AU$71.3 million).

Two massive dogecoin outflows followed immediately after the Twitter icon tweak via Bitinfocharts.

Both of these outflows seemed to have a drastic impact on the price of Dogecoin at the time, causing a near 10% drop in the price of the meme token. At the time of writing, DOGE is trading for a price of US$0.095, up a whopping 30% over the last seven days according to data from TradingView.

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Yesterday, Dogecoin briefly surged past Cardano (ADA) to become the 7th largest cryptocurrency by market capitalisation before falling back to the 8th position in the early hours of this morning.

How long will Elon Musk’s doge antics continue?

If you hadn’t seen it already, Elon Musk recently changed Twitter’s iconic blue bird logo to a picture of the Shiba Inu from the popular doge meme.

The completely unsolicited change comes just two days after lawyers acting for Elon Musk, the now-CEO of Twitter, Tesla and SpaceX, asked a US judge to dismiss a US$258 billion class-action lawsuit filed by slighted crypto investors who alleged that Musk used his “pedestal as the World’s Richest man” to run a “pyramid scheme” that unlawfully promoted investment in Dogecoin (DOGE).

Shortly after he made the tweak, he tweeted out the following meme, suggesting that this whole Doge rebrand could be here to stay for the foreseeable future.

Tom Mitchelhill

Tom Mitchelhill is the Cryptocurrency Reporter at The Chainsaw. Previously, Tom worked on the Australian newsdesk at Cointelegraph, collaborating with reporters and investors from around the world. He also founded his own crypto & Web3 copywriting agency called CoinCopy. Tom’s academic background features two degrees, majoring in Philosophy, Economics and International Relations. He’s now been involved in the crypto industry for more than 3 years.

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